As expected, the European Council announced on 6 October 2020 that the Cayman Islands has been removed from the EU's list of non-cooperative jurisdictions in tax matters (Annex I).
Cayman's original inclusion on Annex I in February 2020 was at odds with the jurisdiction's long-held commitment to enhancing tax good governance, as evidenced by more than 15 legislative changes since 2018 in line with the EU's criteria.
Removal from Annex I is therefore a welcome development that corrects this anomaly and ensures that Cayman entities will not be subject to any adverse measures proposed by the EU for Annex I jurisdictions.
The Cayman Islands Government's statement can be read here
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